Word: stockely
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...analysts, U.S. Federal Reserve Chairman Ben Bernanke may decide that it's best to lower rates again, to below 1%, in the coming months as the economy weakens. Even though ultra-low rates may have little immediate economic impact, they help to stabilize the financial sector as well as stock markets. Equities become more attractive when interest earned by stashing cash in the bank is lower than the inflation rate. "While the BOJ's zero-rate policy did not work as expected in terms of reviving the economy, it contributed to preventing the financial system from collapsing," says JPMorgan...
...lowering its target short-term interest rate to 1%. Big deal. Almost everybody was already expecting the half-point rate cut that the Fed delivered, and the actual federal-funds rate (as opposed to the target rate) has mostly been below 1% for the past three weeks anyway. The stock market's reaction? A yawn, as the Dow closed down 74 points...
...like the tax package he has outlined - or even that he'll seek all the changes he has promised - is remote as long as the economy is struggling. After all, what's the point of raising corporate taxes when companies aren't profitable or raising capital-gains taxes when stock prices and real estate values are plummeting? Even a gung-ho tax raiser like Representative Barney Frank of Massachusetts acknowledges that the economic climate is wrong. "Not now," Frank said recently of tax hikes...
...Hill but also deep splits within his own party. The closing weeks of McCain's campaign produced a soap opera of Republican dysfunction. McCain gambled his hopes on a bold move to pass a Wall Street rescue plan. House Republicans cut him loose and defeated the bill, sending the stock market crashing and swinging the momentum to Obama. A steady parade of prominent Republicans jumped ship. McCain's aides and supporters began the ritual finger-pointing that is the political version of hospice care, while Palin and others dear to the gop base subtly started jockeying for advantage...
...opium themselves but earn millions by levying a 10% tithe on farmers. Since heroin use is dropping steadily in the West, the value of opium is diminishing - that's why officials are especially alarmed by the Taliban's stockpiles. "Who would have reasons to hold on to a devalued stock? People who have mischief in mind," says Costa. He believes that the Taliban is saving the opium for lean times. He says the hundreds of Afghans working for the U.N. drug office in southern Afghanistan have recently found notices posted by the Taliban advising farmers not to grow opium this...